Low-fee remittances to Nigeria, Ghana, Kenya, Ethiopia & more — banking for the African diaspora across Canada
Over 1.5 million Canadians identify as Black or African origin, with many maintaining strong financial ties to their home countries. West African (Nigerian, Ghanaian), East African (Kenyan, Ethiopian, Somali), and North African communities are particularly concentrated in Toronto, Ottawa, Calgary, and Edmonton.
TD has made community investments in Black and African Canadian financial inclusion, with targeted newcomer programs and multilingual support including some West African languages at select branches. TD Global Transfer supports remittances to many African countries.
Scotiabank has a growing presence in sub-Saharan Africa and offers one of the best newcomer banking packages in Canada. Their StartRight program gives 2 years of free banking, valuable for recent African immigrants establishing themselves.
RBC is a solid all-around choice for African Canadians, with a strong newcomer program and reliable international wire transfers to most African countries. RBC's extensive ATM network is useful across Canada.
KOHO is ideal for African Canadians who want to minimize banking costs in Canada. Use it for daily Canadian spending and cashback rewards, paired with Wise or Remitly for sending money back home.
| Service | Fee | Top African Countries | Speed |
|---|---|---|---|
| Remitly | $0–$3.99 | Nigeria, Ghana, Kenya, Ethiopia, Tanzania | Minutes–hours |
| Wise | ~0.5–1% | Nigeria (NGN), Kenya (KES), Ghana (GHS) | 1–2 days |
| WorldRemit | $1–$5 | Most African countries | Minutes |
| Western Union | $5–$20 | All African countries | Minutes (cash) |
| Bank wire (Big 5) | $15–$30 | All countries (SWIFT) | 2–5 days |
No monthly fees, cashback rewards. Open today with code 45ET55JSYA.
Open KOHO — Code: 45ET55JSYAFor the lowest fees sending money to Nigeria, Wise and Remitly are both excellent. They offer near-market NGN exchange rates. WorldRemit is also competitive. Big Five bank wires to Nigeria are more expensive and slower. For large transfers over $5,000, Wise typically offers the best combined fee and rate.
Yes. All major Canadian banks have newcomer programs that allow account opening without Canadian credit history. You'll need your passport, immigration documents, and a Canadian address. KOHO is particularly easy to open — it's a prepaid Visa with no credit check required at all.
Yes. Wise, WorldRemit, and Remitly all support M-Pesa deposits for transfers to Kenya. These are digital money transfer services you can fund from your Canadian bank account (TD, RBC, etc.) or KOHO. They're significantly cheaper than bank wire transfers.
Nigerian Canadians should know that most Canadian bank accounts support only CAD transactions. For NGN remittances, use Wise or Remitly rather than bank wires (much cheaper). Credit history is built slowly in Canada — secured credit cards are a good starting point. KOHO is an excellent first account with no fees and a $100 bonus.
There are a few community-focused financial institutions that serve African immigrant communities, particularly in Toronto and Ottawa. Some church-affiliated savings cooperatives (ajo/susu groups) also operate informally. For formal banking, the Big Five with newcomer programs remain the most accessible options.